Clicca qui per scaricare

Capital as a social process: A Marxian perspective
Autori/Curatori: Miguel D. Ramirez 
Anno di pubblicazione:  2020 Fascicolo: 1  Lingua: Inglese 
Numero pagine:  31 P. 41-71 Dimensione file:  222 KB
DOI:  10.3280/SPE2020-001003
Il DOI è il codice a barre della proprietà intellettuale: per saperne di più:  clicca qui   qui 

This paper analyzes the very important notion of capital from a Marxian perspective as opposed to a neoclassical one. It is argued that when capital is viewed as a historically determined social process (relation), rather than as a thing or a col-lection of things, it tends to assume certain specific forms more often than others depending on the particular stage of economic history. Capital thus refers simulta-neously to social relations and to things. Given this frame of reference, notions such as money and property capital are more easily accommodated and conse-quently are not written off as financial or fictitious capital - not real capital because they produce nothing. The paper also focuses on Marx’s important analy-sis of the time of production and the turnover of capital in terms of the production of surplus-value (profit). It then examines Marx’s equally important and prescient analysis of how the turnover speed of capital is affected by the time of circulation of commodities (the realization of surplus-value) and the growing use of credit (in its various forms) in the capitalist system. Finally, the paper turns its attention to the economic role of time as it relates to interest - bearing capital - one whose clear comprehension rests on viewing capital as a social construct.

Keywords: Capital, commodity capital, credit, crises, exchange-value, interest-bearing capital, money capital, monetary circuit model, productive capital, time of production and circulation, turnover speed of capital, rate of surplus-value (profit)
Jel Code: B10; B14; B24

  1. Barba A. and G. De Vivo (2012). An ‘unproductive labour’ view of finance, Camb. Journal of Econ., 36: 1479-1496.
  2. Belloriore R., G. Forges Davanzati and R. Realfonzo (2000). Marx Inside the Cir-cuit: Discipline device, wage bargaining and unemployment in a sequential monetary economy, Review of Political Economy, 12(4): 403-417.
  3. Blaug M. (1986). Economic Theory in Retrospect, New York, Cambridge Universi-ty Press, 4th ed.
  4. Brandis R. (1985). Marx and Keynes? Marx or Keynes?, Journal of Economic Is-sues, 19: 643-59.
  5. Brewer A. (1984). A Guide to Marx’s Capital, New York, Cambridge University Press.
  6. Brewer A. (1990). Marxist Theories of Imperialism: A Critical Survey, New York, Routledge, 2nd ed.
  7. Clark J. B. (1965). The Distribution of Wealth, New York, Augustus M. Kelly.
  8. Dobb M. (1939). Political Economy and Capitalism, New York, International Pub-lishers [1963].
  9. Dudley D. (1984). Keynes and Marx: A Centennial Appraisal, Journal of Post Keynesian Economics, 6: 421-432.
  10. Ekelund Jr., R. B. and R. F. Hebert (2004). A History of Economic Theory and Method, Long Grove, Illinois: Waveland Press, Inc., 4th ed.
  11. Ferguson C. E. (1969). The Neoclassical Theory of Production and Distribution, Cambridge (UK), Cambridge University Press.
  12. Fine B. (1986). Banking Capital and the Theory of Interest, Science and Society, 44: 387-413.
  13. Galbarith J. K. (1972). The New Industrial State, New York, New American Li-brary, 2nd ed.
  14. Graziani A. (1990). The Theory of Monetary Circuit, Economies et Societes, 24: 7-36.
  15. Harvey D. (1982). The Limits to Capital, Oxford, Blackwell.
  16. Harvey D. (2014). Seventeen Contradictions and the End of Capitalism, New York, Oxford University Press.
  17. Howard M. C. and J. E. King (1985). The Political Economy of Marx, New York, Longman.
  18. Howard M. C. and J. E. King (1989). A History of Marxian Economics: Volume II, 1929-1990, Princeton, Princeton University Press.
  19. Hunt E. K. and M. Lautzenheiser (2011). History of Economic Thought: A Critical Perspective, New York, M.E. Sharpe, 3rd ed.
  20. Keynes J. M. (1936). The General Theory of Employment, Interest, and Money, New York, Prometheus Books [1997].
  21. Kliman A. (2011). The Failure of Capitalist Production. New York, Palgrave Macmillan.
  22. Mandel E. (1968). Marxist Economic Theory, Volume 1, New York, Monthly Re-view Press [1971].
  23. Marx K. (1848). The Communist Manifesto, New York, Simon & Schuster [1964].
  24. Marx K. (1867). Capital, Vol. I, New York, International Publishers [1967].
  25. Marx K. (1885). Capital, Vol. II, New York, International Publishers [1967].
  26. Marx K. (1894). Capital, Vol. III, New York, International Publishers [1967].
  27. Marx K. (1862-1863). Theories of Surplus Value: Capital, Vol. IV, Parts I & III, Moscow, Progress Publishers [1968 and 1971].
  28. Nelson A. (1999). Marx’s Concept of Money: The God of Commodities, London and New York, Routledge.
  29. McConnell C. R., S. L. Brue and S. M. Flynn. (2015). Economics, New York, McGraw Hill Education, 20th ed.
  30. O’Hara P. A. (2000). Money and Credit in Marx’s Political Economy and Con-temporary Capitalism, History of Economics Review, 32: 83-95.
  31. Piketty T. (2014). Capital in the Twenty-First Century, Cambridge (Mass.), The Belknap of Harvard University Press.
  32. Ramirez M. D. (1990). Keynes, Marx, and the Business Cycle, Eastern Economic Journal, 16: 159-167.
  33. Ramirez M. D. (2009). Marx’s Theory of Ground Rent: A Critical Assessment, Contributions to Political Economy, 28: 71-91.
  34. Ramirez M. D. (2014). Credit, The Turnover of Capital, and The Falling Rate of Profit: A Critical Note, Contributions to Political Economy, 33: 61-68.
  35. Robinson J. (1970). Capital Theory up to Date, Canadian Journal of Economics, 3: 309-317.
  36. Ricardo D. (1817). Principles of Political Economy and Taxation, New York, Barnes & Noble Books [2005].
  37. Roll E. (1992). A History of Economic Thought, London, Faber and Faber Ltd., 5th ed.
  38. Samuelson P. A. (1966). A Summing Up” (of the Symposium on Paradoxes of Capital Theory), Quarterly Journal of Economics, 80: 568-583.
  39. Samuelson P. A. and W. D. Nordhaus (2005). Economics, New York, McGraw-Hill Companies, Inc., 18th ed.
  40. Sardoni C. (1986). Marx and Keynes on Effective Demand and Unemployment, History of Political Economy, 18: 419-441.
  41. Shuklian S. (1991). Marx on Credit, Interest and Financial Instability, Review of Social Economy, 49: 196-217.
  42. Sherman H. J. and G. R. Evans (1984). Macroeconomics: Keynesian, Monetarist, and Marxist Views, New York, Harper & Row Publishers.
  43. Shemyatenkov V. (1981). The Enigma of Capital: A Marxist Viewpoint, Moscow, Progress Publishers.
  44. Sowell T. (1967). Marx’s Capital after One Hundred Years. In M. C. Howard and J. E. King (eds.). The Economics of Marx, New York, Penguin Books [1976].
  45. Sraffa P. (1960). Production of Commodities by Means of Commodities, Cam-bridge (UK), Cambridge University Press.
  46. Sweezy P. M. (1994). The Triumph of Financial Capital, Monthly Review, 46: 1-11.
  47. Sweezy P. M. (1997). More (or less) on Globalization, Monthly Review, 49: 1-4.
  48. Wolfson M. (1990). The Transformation Problem: Exposition and Appraisal, Journal of the History of Economic Thought, 12: 179-195.

Miguel D. Ramirez, in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 1/2020, pp. 41-71, DOI:10.3280/SPE2020-001003


FrancoAngeli è membro della Publishers International Linking Association associazione indipendente e no profit per facilitare l'accesso degli studiosi ai contenuti digitali nelle pubblicazioni professionali e scientifiche